# Table 2: Savings-Investment Decomposition

| Variable | Full: savings_investment_gap | Full: gross_national_savings_gdp | Full: gross_investment_gdp | OECD: savings_investment_gap | OECD: gross_national_savings_gdp | OECD: gross_investment_gdp |
|:---|---:|---:|---:|---:|---:|---:|
| Z_1 | -12.8307 | 58.1513*** | 36.2667*** | -41.5149 | 27.1865 | 34.4579 |
| | (21.0676) | (16.2773) | (13.8871) | (27.2376) | (23.5462) | (23.9181) |
| Z_2 | 1.1366 | -7.5152*** | -4.0633* | 5.1010 | -3.2118 | -2.7290 |
| | (3.1582) | (2.4313) | (2.0792) | (3.7164) | (3.2245) | (3.2619) |
| Z_3 | -0.0396 | 0.2618*** | 0.1247 | -0.1789 | 0.1074 | 0.0445 |
| | (0.1287) | (0.0987) | (0.0847) | (0.1414) | (0.1234) | (0.1239) |
| fiscal_bal_gdp | 0.2936*** | 0.4279*** | -0.0289 | -0.0758** | 0.2945*** | 0.3449*** |
| | (0.0295) | (0.0385) | (0.0207) | (0.0305) | (0.0229) | (0.0289) |
| nfa_gdp_lag | -0.4876* | 0.0984 | 0.2430 | -1.3139*** | 0.0586 | 1.0431*** |
| | (0.2510) | (0.2880) | (0.1748) | (0.2836) | (0.2126) | (0.2666) |
| log_rel_opw | 10.8979*** | 4.4599*** | -0.0808 | 6.4514*** | 6.5488*** | 3.5430*** |
| | (0.7129) | (0.5493) | (0.4717) | (1.1689) | (1.0811) | (1.0002) |
| kaopen | -0.7274*** | -0.9044*** | -0.1241 | 0.6095*** | 0.1216 | -0.6467*** |
| | (0.2487) | (0.2328) | (0.1709) | (0.1985) | (0.1565) | (0.1833) |
|:---|---:|---:|---:|---:|---:|---:|
| N | 3864 | 3540 | 3920 | 1154 | 1074 | 1154 |
| R² | 0.2445 | 0.2232 | 0.0941 | 0.2282 | 0.2709 | 0.1889 |
| Countries | 149 | 146 | 150 | 37 | 37 | 37 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*